Kenya’s economy is set for a slowdown, with growth projected to ease to 5.0% in 2024 and 2025, according to the International Monetary Fund (IMF). This adjustment comes as global economic pressures persist and Kenya grapples with a volatile macroeconomic landscape, including high inflation, currency depreciation, and debt obligations. Here’s what the IMF’s prediction could…
October 22, 2024 – In a bold move, African leaders and economists are rallying for a $120 billion development fund aimed at leveling the financial playing field in a system where low-income countries often bear disproportionate debt burdens. With mounting challenges from debt servicing to climate crisis responses, Africa’s leaders argue the current global financial…
Kenya’s banking sector has announced an unprecedented financial commitment of KSh 450 billion to support Micro, Small, and Medium Enterprises (MSMEs). This move reflects the sector’s dedication to bolstering the backbone of the economy—MSMEs—which account for over 80% of Kenya’s employment. With this significant capital injection, the banks aim to uplift small businesses, empowering them…
NAIROBI, Kenya – East Africa Growth (EAG), a prominent private equity firm, has announced its decision to acquire an additional 5% stake in I&M Bank, one of Kenya’s leading financial institutions. This move signals EAG’s commitment to strengthening its presence in the East African banking sector and underscores the growth potential of the region’s financial…
PawaPay, a leader in mobile money payment systems in Africa, has surpassed $1 billion in transactions. This is a major milestone for a company dedicated to enhancing mobile financial services across Africa. While PawaPay has gained prominence by working with Africa’s “Big Four” economies—Nigeria, Kenya, South Africa, and Egypt—its future strategy appears to shift toward…
Wananchi Group, the company behind Zuku, a major player in Kenya’s internet and entertainment sectors, is in talks for an acquisition by Axian Telecom. This move, set to reshape Kenya’s telecom landscape, opens up vital discussions on the intersection of finance, business strategy, and technology. For many Kenyans, Zuku is a household name, providing affordable…
Kenya’s economy is at a critical juncture. As the country faces financial hurdles, the government is reaching out to the public for ideas on how to steer the economy back to stability. Recently, Hon. John Mbadi, Chair of the Budget and Appropriations Committee, called for a public dialogue on the economic situation. He seeks suggestions…
Recently, Bolt Kenya made headlines by awarding ten drivers Kshs 288,000 each as part of their €20,000 accelerator program. The initiative rewarded top-performing drivers who consistently provided excellent service, embodying Bolt’s commitment to improving livelihoods and enhancing the customer experience. This program, aimed at empowering hardworking individuals in Kenya’s growing gig economy, highlights a broader…
